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Mortgage Relief to California Families During the COVID-19 Crisis

Good News! Governor Gavin Newsom announced that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak. If you call, I assume you are going to have big wait times but persevere!

Here's the summary:

Governor Newsom secured support from many banks including Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners and consumers.

Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:

Some highlights:

  • There will be no negative credit impacts resulting from the relief

  • There will be a moratorium on Initiating Foreclosure Sales or Evictions

  • For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.

  • Relief from Fees and Charges

  • For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:

Source: National Association of Realtors. March 20,2020

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